ITA No. 823/Del/2020 concerns an appeal filed by Manish Malik against the order dated 12.12.2019 of the Commissioner of Income-Tax (Appeals)-15, Delhi, related to assessment year 2013-14.
The dispute revolves around the addition of Rs.17,80,000 as unexplained cash credit under Section 68 of the Income-Tax Act, 1961. During assessment proceedings, it was found that the appellant had deposited this amount in his bank account, attributing it to receipts from construction work.
Despite the appellant’s explanations, the Assessing Officer and subsequently the Commissioner (Appeals) upheld the addition. However, upon review, the Tribunal found that the appellant had provided sufficient evidence to substantiate the source of these cash deposits, mainly from his contracting activities.
Consequently, the Tribunal allowed the appeal, deleting the addition of Rs.17,80,000.
The final judgment was pronounced on 31st October, 2022, by Judicial Member Shri Saktijit Dey.
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